TH Heavy bags contract for 3 offshore patrol boats from MMEA

KUALA LUMPUR: TH Heavy Engineering has received a non-binding letter of intent from the Malaysian Maritime Enforcement Agency (MMEA) to supply three offshore patrol boats.

TH Heavy said on Thursday the letter of intent shall be subject to a mutual agreement between the two parties. More details would be announced then.

TH Heavy share price was unchanged at 22 sen at midday on Thursday. However, it had risen sharply in recent days ahead of a news report about the contract.

Earlier, StarBiz reported the future of TH Heavy came under the radar following concerns that it may not be able to deliver the anchor production facility for Japan’s JX Nippon-operated Layang field development - a project touted to take it out of its flagging fortunes. 

The 30%-owned Lembaga Tabung Haji (LTH) company is in a financial bind, where analysts say its current cash flows are unable to service debt, and in an environment of weak oil prices, access to financing or the lack of it is another hurdle. 

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